CoreWeave (NASDAQ:CRWV) Shares Gap Down – Here’s What Happened

CoreWeave Inc. (NASDAQ:CRWV)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $84.83, but opened at $82.28. CoreWeave shares last traded at $82.94, with a volume of 1,945,284 shares changing hands.

Analyst Ratings Changes

CRWV has been the topic of several research reports. Citigroup restated a “buy” rating and set a $135.00 price objective (down previously from $192.00) on shares of CoreWeave in a report on Friday. Seaport Res Ptn upgraded CoreWeave to a “hold” rating in a research note on Monday, September 15th. Mizuho set a $92.00 price objective on CoreWeave in a research report on Tuesday, December 16th. Barclays decreased their price objective on CoreWeave from $140.00 to $120.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 12th. Finally, Macquarie cut their target price on CoreWeave from $140.00 to $115.00 and set a “neutral” rating for the company in a research note on Tuesday, November 11th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, CoreWeave has a consensus rating of “Hold” and an average target price of $127.70.

CoreWeave Trading Down 3.1%

The company’s fifty day moving average price is $97.43 and its two-hundred day moving average price is $117.54. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 2.66. The company has a market cap of $31.78 billion and a price-to-earnings ratio of -56.72.

CoreWeave (NASDAQ:CRWV) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.14. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.28 billion. The firm’s revenue was up 133.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.82) EPS.

Insider Activity at CoreWeave

In related news, CFO Nitin Agrawal sold 36,317 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $69.18, for a total value of $2,512,410.06. Following the completion of the transaction, the chief financial officer owned 167,075 shares in the company, valued at $11,558,248.50. The trade was a 17.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Brian M. Venturo sold 281,250 shares of the company’s stock in a transaction on Wednesday, December 10th. The stock was sold at an average price of $87.75, for a total value of $24,679,687.50. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 19,984,373 shares of company stock worth $2,675,417,070.

Institutional Investors Weigh In On CoreWeave

Several institutional investors have recently modified their holdings of CRWV. Gamco Investors INC. ET AL acquired a new position in CoreWeave in the first quarter valued at approximately $318,000. Goldman Sachs Group Inc. acquired a new position in shares of CoreWeave in the 1st quarter valued at $963,000. Howard Financial Services LTD. bought a new position in shares of CoreWeave in the 2nd quarter worth $489,000. McAlister Sweet & Associates Inc. bought a new position in shares of CoreWeave in the 2nd quarter worth $277,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in CoreWeave in the second quarter valued at about $117,000.

About CoreWeave

CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.

CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.